Alibaba Group ADR Received Promising Geopolitical News and New Fortress Energy Held an Investor Update Call
Alibaba Group ADR
Alibaba is a massive company based in Hangzhou, China. They have a market cap of $422.902 billion, and they are essentially the Amazon of China as they lead the country in the online retail game.
Recently, Alibaba and other Chinese stocks have been battered from their all-time highs as China has been taking a new approach. They are facing strict regulations, and China is trying to remove their stocks from the US exchanges. However, it was announced on Thursday that US President Joe Biden and Chinese leader Xi Jinping would hold a virtual summit, which offered a glint of optimism for these countries. Alibaba closed the day at $156.00, up 8.26%.
New Fortress Energy
New Fortress Energy is an energy company based in New York City, has a market cap of $6.875 billion, and they primarily focus on natural gas services around the globe.
On Thursday, New Fortress held an investor update call. Things have been crazy with the natural gas market, and New Fortress announced in their call that they were prepared for volatile price swings, which led to an increase in their supply. With most of this being sold, New Fortress has raised their outlook for the fourth quarter, and investors loved the news as the stock jumped to $33.26, up 25.51%.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.